Published on: November 12, 2025, 01:19h.
Updated on: November 12, 2025, 01:31h.
- He is one of the three co-founders of the sportsbook operator
- His role as president concludes on March 31, 2026
- He will continue serving on the company’s board of directors
Matthew Kalish, the co-founder and President of DraftKings, is set to exit the company, marking the first time in 15 years that one of its co-founders will not hold a high-level position as of next year.
DraftKings, headquartered in Boston, announced this mutual decision in a 10-Q filing submitted to the Securities and Exchange Commission (SEC) alongside its third-quarter earnings report released last week.
On November 6, 2025, Mr. Kalish and the Company mutually agreed for Mr. Kalish to transition from his role as President of DraftKings North America, effective March 31, 2026 (the ‘Transition Date’),” the document specifies. “As part of this transition, the Company has entered into a Transition Agreement with Mr. Kalish, under which he will relinquish all other positions as an officer or employee within the Company and any of its subsidiaries, effective as of the Transition Date.”
At 43, Kalish will stay on as a member of DraftKings’ board of directors.
Retail Investors Respond to Kalish’s Exit
Kalish, along with Paul Liberman and Jason Robins, co-founded DraftKings in 2012, establishing a leading daily fantasy sports (DFS) platform while strategically positioning the company to benefit from the 2018 Supreme Court’s ruling on the Professional and Amateur Sports Protection Act (PASPA), which allowed it to grow into one of the two largest online sportsbooks in the U.S.
Some retail investors in DraftKings might view Kalish’s departure positively. Both he and other co-founders have aggressively sold their stock. This year alone, Kalish has sold over $51 million in DraftKings shares through various transactions, with expectations of further sales before his exit.
The 10-Q indicates that on September 9, an agreement was reached regarding trading conditions under a 10b5-1 plan, enabling Kalish to sell 1.26 million shares of DraftKings Class A equity until March 3, 2026.
Kalish also led the now-defunct non-fungible token (NFT) initiative at DraftKings, which saw minimal profitability but encountered significant legal challenges, including a class-action lawsuit that was eventually settled, as well as a dispute with the NFL Players Association (NFLPA).
Future Prospects for Kalish
While Kalish has not disclosed his plans following his departure from DraftKings, he is not in a hurry to seek new opportunities. As of October 29, his estimated net worth stood at $276.2 million, and he is leaving with several benefits.
The 10-Q confirms that restricted stock options set to vest next year will do so on an expedited schedule, specifically on December 10. Additionally, DraftKings will cover expenses for further perks extending through 2027.
“According to the Transition Agreement, Mr. Kalish will continue to receive security services and coverage for COBRA premiums until March 31, 2027. He will also receive compensation for his role as a director while he serves on the Board of Directors,” the SEC document states.